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Bengaluru-based Emmvee Photovoltaic Power has filed draft papers with SEBI to raise ₹3,000 crore via IPO.
The deets: the offer includes a fresh issue worth ₹2,143.9 crore and an offer-For-Sale (OFS) of ₹856.1 crore by promoters. The company might also do a pre-IPO placement of up to ₹428.8 crore, which would cut the fresh issue size.
The why: a big chunk of the funds including ₹1,607.9 crore will go straight to reducing borrowings. Emmvee’s total debt stood at ₹2,709.7 crore as of mid-June 2025. The rest will fund general corporate needs.
The company runs a 7.80 GW solar PV module capacity and 2.94 GW solar cell capacity using advanced TOPCon tech. It’s expanding aggressively by adding 2.50 GW more module capacity and building a 6 GW integrated cell and module plant. The plan is to scale up to 16.30 GW modules and 8.94 GW cells by H1 FY28.
Zoom out: Emmvee competes with names like Websol, Waaree, and Premier Energies. Over the past three years, it has built a base of 525+ clients, including Aditya Birla Renewables Solar and KPI Green Energy.
As of March 2025, its order book stood at 4.89 GW, with another 1.01 GW secured in April–May.
